Reliance Power Ltd has issued the following Media Release on Postal Ballot result:
Reliance Power Ltd on April 22, 2008 announced that the shareholders of the Company have by an overwhelming majority approved through postal ballot the following proposals.
1. To alter Article 82 of the Articles of Association of the Company incorporating proviso that no allotment of bonus shares will be made if Shri. Anil D Ambani and other Promoters waived their entitlement to such shares.
2. To Issue bonus shares in the ratio of three new equity shares for every five existing equity shares held.
In accordance with the group philosophy of giving the greatest importance to shareholder value creation, the Company had recommended the issue of 13.68 crore bonus shares in the ratio of three new equity shares of Rs 10 each for every five existing equity shares of Rs 10 each held to the shareholders of the Company in the public category (excluding the promoters i.e. AAA Project Ventures Pvt Ltd, an entity fully owned and controlled by Shri. Anil D Ambani and also promoter of Reliance Energy Ltd (REL) and REL who have waived their entitlement to allotment of Bonus shares. These shares will be issued by capitalization of a part of the sum standing to the credit of the Securities Premium Account.
The shareholders have also overwhelmingly approved alteration of Article 82 of the Articles of Association enabling the Company not to allot bonus shares to the Promoters.
The Company will announce separately the Record Date for the purpose of determining the entitlement of shareholders to the Bonus shares to be issued by the Company.
Reliance Power Ltd on April 22, 2008 announced that the shareholders of the Company have by an overwhelming majority approved through postal ballot the following proposals.
1. To alter Article 82 of the Articles of Association of the Company incorporating proviso that no allotment of bonus shares will be made if Shri. Anil D Ambani and other Promoters waived their entitlement to such shares.
2. To Issue bonus shares in the ratio of three new equity shares for every five existing equity shares held.
In accordance with the group philosophy of giving the greatest importance to shareholder value creation, the Company had recommended the issue of 13.68 crore bonus shares in the ratio of three new equity shares of Rs 10 each for every five existing equity shares of Rs 10 each held to the shareholders of the Company in the public category (excluding the promoters i.e. AAA Project Ventures Pvt Ltd, an entity fully owned and controlled by Shri. Anil D Ambani and also promoter of Reliance Energy Ltd (REL) and REL who have waived their entitlement to allotment of Bonus shares. These shares will be issued by capitalization of a part of the sum standing to the credit of the Securities Premium Account.
The shareholders have also overwhelmingly approved alteration of Article 82 of the Articles of Association enabling the Company not to allot bonus shares to the Promoters.
The Company will announce separately the Record Date for the purpose of determining the entitlement of shareholders to the Bonus shares to be issued by the Company.
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